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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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Yash Trading & Finance to hold AGM
Sep 09,2016

Yash Trading & Finance announced that the 31st Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Tumus Electric Corporation to hold AGM
Sep 09,2016

Tumus Electric Corporation announced that the 43rd Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Neo Infracon to hold AGM
Sep 09,2016

Neo Infracon announced that the 33rd Annual General Meeting (AGM) of the company will be held on 29 September 2016.

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Aviation stocks slide as crude oil prices jump
Sep 09,2016

SpiceJet (down 4.77% at Rs 60.95), Jet Airways (India) (down 0.94% at Rs 542.40) and InterGlobe Aviation (down 0.85% at Rs 861.35), edged lower.

Meanwhile, the S&P BSE Sensex was down 234.66 points or 0.81% at 28,810.62.

In the global commodities markets, Brent crude oil futures for November settlement was currently down 59 cents at $49.40 a barrel. The contract had surged $2.01 a barrel or 4.18% to settle at $49.99 a barrel during the previous trading session after data showed a surprisingly huge weekly drop in US crude stock piles.

Higher crude oil prices hurt aviation firms as jet fuel prices, which typically constitute over 40% of airlines operating costs, are directly linked to international crude oil prices.

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Government approves subsidized helicopter services in J&K and Himachal Pradesh
Sep 09,2016

The Government has accorded its approval for operation of helicopter services in the State of Jammu and Kashmir and Himachal Pradesh on a pilot basis in 10 sectors, as per the stipulation that the most inaccessible destination points should be chosen. The scheme can be extended to other/additional sectors at a later date depending upon the assessment of the justifiable needs of the local population.

The State Governments of Jammu and Kashmir and Himachal Pradesh will re-identify/chose and finalize the most critical sectors in their States, with number of flying hours by the State Governments in consultation with the Ministry of Home Affairs based on current justifiable needs. While deciding the sectors for providing the air connectivity, the difference of time between the road travel and air travel may be taken as an important factor.

In case of Jammu and Kashmir, the recommendation of the Joint Working Group for the following five sectors in Srinagar-Drass-Kargil-Zanskar-Leh has been accepted:

n++ Srinagar - Kargil - Srinagar

n++ Srinagar - Drass - Srinagar

n++ Kargil - Padum - Leh - Padum - Kargil

n++ Leh - Lingshed - Leh

n++ Srinagar - Leh - Srinagar

The above 5 sectors may be re-aligned based on the fresh assessment made by Government of J&K in consultation with MHA.

The Government of India will subsidize only the cost towards actual number of entitled passengers utilizing the helicopter services. No subsidy will be provided for the vacant seats.

Emergency services and common passenger services to the local residents of the State will be provided on priority and at subsidized rates. VIPs, Officers of the State Government on tour, Income tax payers or tourists will not be eligible for subsidized fares. Such persons will have to pay full fare subject to availability of seats.

The operator of the services will be selected by open tender process by the State Government. The operation of helicopter services in the State will continue till March, 2017 or expiry of contract, whichever is earlier.

Review and rationalization of annual ceiling of flying hours vis-a-vis actual utilization as well as internal review of the sectors/ scheme will be carried out in consultation with Financial Advisers of Ministry of Home Affairs and Civil Aviation after March, 2017.

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Parsvnath Developers gets ratings assigned for proposed NCD issue
Sep 09,2016

Parsvnath Developers announced that CRISIL has assigned the rating CRISIL BB(SO)/ Stable for the Rs 200 crore Non Convertible Debenture proposed to by issued by Parsvnath Landmark Developers, a subsidiary company.

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Dilip Buildcon secures work order
Sep 09,2016

Dilip Buildcon announced about the Letter of Intent for OB Removal work at Khairagura OCP, BPA Area of Telangana Coal Mine Project awarded to Dilip Buildcon at Khairagura OCP, BPA area for a period of 36 months in the state of Telengana.

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Puravankara Projects slips after reporting dismal Q1 numbers
Sep 09,2016

The result was announced after market hours yesterday, 8 September 2016.

Meanwhile, the S&P BSE Sensex was down 225.47 points or 0.78% at 28,819.81.

On BSE, so far 57,069 shares were traded in the counter as against average daily volume of 44,680 shares in the past one quarter. The stock hit a high of Rs 51.95 and a low of Rs 50.40 so far during the day. The stock had hit a 52-week low of Rs 42.10 on 12 February 2016. The stock had hit a 52-week high of Rs 68.90 on 15 October 2015. The stock had outperformed the market over the past one month till 8 September 2016, gaining 15.54% compared with Sensexs 3.06% gains. The scrip had also outperformed the market in past one quarter, rising 13.85% as against Sensexs 7.49% gains.

The small-cap realty firm has equity capital of Rs 118.57 crore. Face value per share is Rs 5.

Puravankara Projects consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) margin rose to 26% in Q1 June 2016 from 23% in Q1 June 2015. Puravankara Projects said that sales realisation of ongoing projects for Puravankara and Provident in Q1 June 2016 stood at Rs 6,070 per square feet (sq.ft.) and Rs 4,128 per sq. ft. respectively. Sales of ready to move in and ongoing including new launches rose 45% to 5.7 lakh sq ft in area terms and increased 60% to Rs 314 crore in value terms in Q1 June 2016 over Q1 June 2015. The projects under development stood at 22.08 million square feet as on 30 June 2016. The launch pipeline stands at 11.36 million square feet under both the Puravankara and Provident brands, across Kochi, Bengaluru, Chennai and Mumbai.

Ashish Puravankara, Managing Director, Puravankara Projects said that the company is witnessing a strengthening of its business as compared to earlier periods on project deliveries, collections, accelerated sales from ready to move in and a favourable balance collections namely, balance costs to go owing to many of its current projects having sold over 50%.

Puravankara Projects is a leading real estate company in India, with significant presence in Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad and Mysore.

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Insilco temporarily shuts down plant
Sep 09,2016

Insilco announced that the Plant will continue to remain shut down till 12 September 2016 due to high inventory & low sales volume.

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IDBI Bank jumps on buzz ADB may buy stake
Sep 09,2016

Meanwhile, the BSE Sensex was down 241.12 points, or 0.83%, to 28,804.16.

On BSE, so far 22.37 lakh shares were traded in the counter, compared with average daily volume of 7.04 lakh shares in the past one quarter. The stock hit a high of Rs 80.25 and a low of Rs 76.20 so far during the day. The stock hit a 52-week high of Rs 95.70 on 3 December 2015. The stock hit a 52-week low of Rs 47.40 on 12 February 2016. The stock had outperformed the market over the past 30 days till 8 September 2016, rising 13.26% compared with 4.57% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.86% as against Sensexs 9.05% rise.

The large-cap company has equity capital of Rs 2,058.82 crore. Face value per share is Rs 10.

According to media reports, multilateral agency Asian Development Bank (ADB) has held talks with the government to acquire stake in IDBI Bank as negotiations with World Bank arm International Financial Corporation (IFC) have slowed down.

ADB, along with IFC and Commonwealth Development Corporation (CDC) were in the fray to buy into IDBI Bank, where the government is open to cutting its stake below 51%, something it cant do in other state-run lenders, given restrictions imposed by the law. ADB is expected to acquire 10-15% stake in the bank, reports added.

The government is looking to reduce its stake in IDBI Bank as part of a strategy to rework its functioning as it is seen to have fallen short of expectations. Despite being saddled with legacy assets, the bank has been a perpetual test case for the government since liberalisation n++ the last one being modelling it on the lines of ICICI Bank in what was seen as a transformation.

The Government of India currently holds 73.98% stake in IDBI Bank (as per the shareholding pattern as on 30 June 2016).

IDBI Banks net profit rose 78.35% to Rs 241.10 crore on 4% growth in operating income to Rs 8219.43 crore in Q1 June 2016 over Q1 June 2015.

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Sujana Towers to hold board meeting
Sep 09,2016

Sujana Towers will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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Opto Circuits (India) to hold board meeting
Sep 09,2016

Opto Circuits (India) will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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Rohit Ferro Tech to hold board meeting
Sep 09,2016

Rohit Ferro Tech will hold a meeting of the Board of Directors of the Company on 13 September 2016.

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Advanced Micronic Devices to hold board meeting
Sep 09,2016

Advanced Micronic Devices will hold a meeting of the Board of Directors of the Company on 14 September 2016.

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Dhanalaxmi Roto Spinners to hold board meeting
Sep 09,2016

Dhanalaxmi Roto Spinners will hold a meeting of the Board of Directors of the Company on 13 September 2016.

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